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New research shows the state of Oregon lost at least $110 million as a result of banks’ profit-driven manipulation of the benchmark interest rate, London Interbank Offered Rate (LIBOR). More than twenty public entities have already sued sixteen of the world’s largest banks for losses they sustained as a result of LIBOR fraud.
Federal law prevents recovery on violations that occurred more than five years ago. Because banks were allegedly manipulating the LIBOR as early as 2007, every month that the fraud remains unchallenged could cost the state of Oregon an estimated average of $4 million.
Yet, to date, Oregon has not filed any lawsuits against the banks involved in this scandal, and Governor Kitzhaber has been silent on the issue.
Each $1,000,000 could pay for …
Projected amount lost due to the State's inaction.
Honorable Governor John Kitzhaber,
We respectfully urge you to act now on behalf of Oregon taxpayers to hold Wall Street banks accountable.
LIBOR fraud is the largest financial fraud in history, potentially impacting trillions of dollars in public funds globally. Here in Oregon, recent research shows that at least $110 million was lost by state funds due to manipulation of the LIBOR rate.
At a time when state funds are scarce and cuts to services and workers are being enacted, we urge you to take immediate action to:
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